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Euro Tour's Dubai funds slashed
Source: Agencies |
September 22, 2009, Tuesday
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Print Edition
Print Edition
THE European Tour's 'Race to Dubai' (money-list) bonus pool and Dubai World Championship prize fund have both been cut by 25 percent due to the global meltdown, the tour announced yesterday. This means a reduction of both pots to US$7.5 million each.
European Tour chief executive George O'Grady revealed the expected drop in prize money following a three-day visit to Dubai for talks with sponsors Nakheel Leisure.
"The European Tour has offered to reduce the prize money to reflect the current worldwide economic position," O'Grady said in a statement.
An original five-year deal worth US$20 million a year has now been trimmed for 2009. The deal for the next four years are intact but O'Grady added: "We will jointly examine prize money levels in future years in the light of this developing global situation."
Speaking for Nakheel Leisure, which took over from Leisurecorp as backers earlier this year, managing director Hamza Mustafa said: "Nakheel is committed to the Race to Dubai and the Dubai World Championship.
"The prize funds for both competitions are significant amounts that are worthy of the season-ending tournament and world-class field that will be competing, yet reflective of a new economic climate."
The Race to Dubai finale will see the top 60 players on the European Tour compete in the Dubai World Championship from November 19-22. The top 15 players will then share the bonus pool. German Martin Kaymer, who is hoping to resume playing next week following a karting accident in which he broke two toes, heads the Race to Dubai list. This week's Vivendi (Seve) Trophy does not count towards the Race to Dubai.
European Tour chief executive George O'Grady revealed the expected drop in prize money following a three-day visit to Dubai for talks with sponsors Nakheel Leisure.
"The European Tour has offered to reduce the prize money to reflect the current worldwide economic position," O'Grady said in a statement.
An original five-year deal worth US$20 million a year has now been trimmed for 2009. The deal for the next four years are intact but O'Grady added: "We will jointly examine prize money levels in future years in the light of this developing global situation."
Speaking for Nakheel Leisure, which took over from Leisurecorp as backers earlier this year, managing director Hamza Mustafa said: "Nakheel is committed to the Race to Dubai and the Dubai World Championship.
"The prize funds for both competitions are significant amounts that are worthy of the season-ending tournament and world-class field that will be competing, yet reflective of a new economic climate."
The Race to Dubai finale will see the top 60 players on the European Tour compete in the Dubai World Championship from November 19-22. The top 15 players will then share the bonus pool. German Martin Kaymer, who is hoping to resume playing next week following a karting accident in which he broke two toes, heads the Race to Dubai list. This week's Vivendi (Seve) Trophy does not count towards the Race to Dubai.
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